Indian motor fuel prices fourth highest among top 10 crude oil nations

Crude Spills on Saudi's Proposed Increase Short Term Top Likely

U.S. President Donald Trump's decision to reimpose sanctions on Iran and Venezuela's slumping output drove oil to the highest level in more than three years earlier this month, prompting complaints from consuming nations like India about higher costs.

The domestic oil industry in the United States has emerged in recent years a powerful swing force in the global petroleum economy.

Saudi Arabia and Russia's potential policy shift does not materially change Goldman Sachs Group's bullish oil outlook, the bank's analysts, including Damien Courvalin, said, reiterating the bank's forecast of Brent at US$82.50 per barrel in the third quarter.

The United States is set to export 2.3 million barrels per day (bpd) in June, of which 1.3 million bpd will head to Asia, estimated a senior executive with a key US oil exporters. The sell-off only serves as proof that traders are having an issue with crude oil supply.

Among other energy contracts, June gasoline RBM8, -1.82% fell 3 cents, or 1.5%, to $2.148 a gallon, while June heating oil HOM8, -1.19% lost 0.9% to $2.19 a gallon. While Brent prices have risen some 14% over the past three months, WTI is up just 7.5%and Midland crude - the version of WTI priced in the booming Permian basin rather than the benchmark delivery point in Cushing, Oklahoma - is down 4.8%.

The Saudi Energy Minister, Khalid Al-Falih said on Friday that OPEC and Russian Federation were likely to supply more oil to world markets "in the near future" to make up far a fall in output in Venezuela amid that country's current crisis and the impact of USA sanctions imposed on Iran.

President Trump, Kim Jong Un summit needs a plan
U.S. government officials, including the White House deputy chief of staff for operations Joe Hagin, left U.S. The officials are meeting through Tuesday attempting to get the June 12 summit in Singapore back in motion.

"We were in the meeting in Jeddah, when we read the tweet", OPEC Secretary General Mohammad Barkindo said, referring to a meeting in Saudi Arabia on April 20.

It's a view endorsed by Helima Croft, global head of commodity strategy at RBC Capital Markets, who pointed out that regardless of the quid pro quo, "the Saudis have higher revenue needs, so I think its going to be a fine line".

Those constraints will take years to fix, but in the meantime one way to close those tempting spreads and nip such investments in the bud would be to dump some more oil in the non-US market commensurate with the amount coming out of the Permian.

"When people talk about lower for longer they're usually comparing current prices with the $100 per barrel world", Slaughter said.

That agreement is "still in place and compliance has been very good", said Slaughter. In addition, US oil production is ramping up quite steadily.

The shale revolution that started with the development of new technologies in oil extraction boosted USA oil production by 80 percent since 2012. The global sulfur limit on fuel oil will be set at 0.50 percent m/m (mass/mass) in 2020, a significant cut from the 3.5 percent m/m global limit now in place. However, with USA becoming a major exporter of oil, higher oil prices up to a certain level can actually be beneficial with consumer loss being offset by rising capital investments by U.S. oil companies.

Related news:

Hot News

Pusha T - ‘The Story Of Adidon’ (Drake Diss)
May 30, 2018 - 20:27
Pusha T has now responded with a track of his own over JAY-Z's "The Story Of O.J.' instrumental called 'The Story Of Adidon ". The picture was originally taken by photographer David Leyes , whose website captioned the photo as " Drake Us And Them".

isis-killer-beheading-video-story-top Serena Williams says she feels like a Queen from Wakanda in catsuit
May 30, 2018 - 19:56
The World No. 1 had been two sets up but 0-3 down in the third when rain caused the tie to be suspended late Monday. Williams next will face Australian Ashleigh Barty , who is the 17th seed.

isis-killer-beheading-video-story-top Trump whines ABC never called him to apologize after they fired Roseanne
May 30, 2018 - 19:33
But cancelling " Roseanne " is "like taking off "All in the Family" or "I Love Lucy" or Andy Griffith at their zenith", he said. More than 18 million people on average have watched the reboot of " Roseanne " this season, according to Nielsen Co .

'Murdered' Russian journalist Arkady Babchenko appears on Ukrainian TV
May 30, 2018 - 19:23
He left Russian Federation in February 2017, saying he was receiving threats and concerned he might be jailed. It not immediately clear whether Babchenko's wife and friend were aware of the security operation.

isis-killer-beheading-video-story-top Shaquille O’Neal issues LeBron James major warning about Warriors
May 29, 2018 - 19:33
Harden, who needed 29 shots to get 32 points, was 2 for 13 beyond the arc. "It's only a matter of time before they get going". The Warriors are off for a fourth chapter against LeBron James' Cavaliers . "I look forward to taking advantage of it".

isis-killer-beheading-video-story-top PUBG takes legal action against Fortnite dev Epic Games for copyright infringement
May 29, 2018 - 19:11
In each game, players have to fight to become the sole survivor after being dropped off on an island with dozens of other players. They must scavenge for weapons, bandages, and other gear to survive, and the last player standing wins.

isis-killer-beheading-video-story-top Oil ministry gives in-principle nod to launch petrol, diesel futures: ICEX
May 29, 2018 - 18:43
In line with petrol , diesel prices also increased - to Rs 69.17 per litre in Delhi and Rs 73.64 per litre in Mumbai. The revised prices are applied at the fuel stations with effect from 6 am every day.

isis-killer-beheading-video-story-top Notley slams B.C. premier on Trans Mountain pipeline
May 29, 2018 - 16:17
Alberta sees the pipeline as key to moving bitumen from the province to the coast and from there to lucrative overseas markets. Notley noted that B.C. would be able to source oil and gas from Washington, but it would drive up prices for consumers.

isis-killer-beheading-video-story-top Wilson, Marchessault see Game 1 hit differently
May 29, 2018 - 14:14
Alex Ovechkin was held to one assist and two shots on goal in the first Cup final game of his career. Nosek clinched it with an empty-netter with 2.7 seconds remaining.

isis-killer-beheading-video-story-top Karim Benzema scores by blocking keeper's throw in Champions League final
May 28, 2018 - 17:54
Speaking about Gareth Bale's second goal which went through his hands, Karius said: "It moved around a lot". It was that good you couldn't quite believe what you had just witnessed.

isis-killer-beheading-video-story-top Subtropical Storm Alberto continues to lumber northward
May 28, 2018 - 17:14
On Sunday, gusty showers began lashing parts of Florida, and authorities were warning of the possibility of flash flooding . However, while we have less of a rain and storm threat the humidity and heat will continue to be high.

isis-killer-beheading-video-story-top USA delegation in N Korea to prepare for summit with Kim
May 28, 2018 - 17:04
The 2-hour meeting was held on Saturday at a facility on the northern side of the demilitarized zone between the 2 Koreas. Trump's back-and-forth over his summit plans with Kim has exposed the fragility of Seoul as an intermediary.

isis-killer-beheading-video-story-top Fulham back in Premier League with playoff win over Villa
May 28, 2018 - 16:41
Ryan Sessegnon set up Tom Cairney for the only goal of the Championship play-off final with a brilliant assist. We saw in this past Premier League season that keeping a Championship core can bring you a successful season.

isis-killer-beheading-video-story-top Fred: United made a big bid for me
May 28, 2018 - 16:10
The 25-year-old, who has been called up to Brazil squad for the 2018 World Cup , was the subject of interest from Man City a few months ago.

isis-killer-beheading-video-story-top Baltimore Hit with Catastrophic Flooding
May 28, 2018 - 15:28
The Baltimore Sun reported the town had previously been hit by a flash flood in 2016, forcing it to rebuild most of Main Street. Baltimore County Fire Department spokeswoman Elise Armacost said: "If you don't have to be outside, you shouldn't be".